ACCT 470 AUDITING
Franklin University
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Chapter 24 Homework- ACCT 470
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---7January 20222021/2022A
- Chapter 24 Homework 
The following questions deal with contingent liabilities and the review for subsequent events. Choose 
the best response. 
When a contingency is resolved subsequent to the issuance of audited financial statements, which 
correctly contained disclosure of the contingency in the footnotes based on information available at the 
date of issuance, the auditor should 
take no action regarding the event. 
Which of the following would be least likely to be included in a standard inq...
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